SUMATEC RESOURCES BHD [] has been picked by Markmore Energy (Labuan) Ltd (MELL), which is controlled by Tan Sri Halim Saad, for a production sharing contract at an oil field near the Caspian Sea.
Sumatec said on Tuesday it had entered into a framework agreement with MELL for the proposed award of the project by the latter’s unit CaspiOilGas LLP.
“The proposed PSC is part of the company’s initiative to restore Sumatec onto stronger financial footing via, amongst others, a balance sheet reCONSTRUCTION [], injection of new funds and settlement with the group’s creditors,” said Sumatec.
Sumatec is finalising its regularisation plan under Practice Note 17 of Bursa Malaysia Securities Bhd Main Market Listing Requirements.
Sumatec said on Tuesday it had entered into a framework agreement with MELL for the proposed award of the project by the latter’s unit CaspiOilGas LLP.
“The proposed PSC is part of the company’s initiative to restore Sumatec onto stronger financial footing via, amongst others, a balance sheet reCONSTRUCTION [], injection of new funds and settlement with the group’s creditors,” said Sumatec.
Sumatec is finalising its regularisation plan under Practice Note 17 of Bursa Malaysia Securities Bhd Main Market Listing Requirements.
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